Advice for newbies

Hey Pabebeboy my advice is to start exploring the School page where you could find very useful information. Go for a demo account and start testing different strategies and trading styles. Do not risk with a live account until you are feeling enough confident in yourself. The beginning will be hard but don’t give up! Good luck!
Cheers.

Keep learning, practice one or two trading systems and master one very well, then stick with that one and make it efficiently profitable for you over a long period of trading; stay humble as you gain in experience and become a better trader. Never get carried away by any significant profit and never throw in the towel when you hit a loss but manage your trading capital to ensure that you are there to trade the next day. Trade safe.

I think the secret is to keep going on and not to give up.
Learning can take lots of time and you face an idea that it’s better to leave and do something else sometimes.

I completely understand your point and why you’re making it in this context, but I think it’s also true that [I]for some people[/I] the “secret” [U]is[/U] to give up, rather than struggling and losing for decades as some do, when it becomes appropriate to acknowledge that trading isn’t for you. It really isn’t for everyone, and there’s nothing wrong with admitting that, too. :slight_smile:

I think this is the main point which people really feel very hard to admit that either they are suitable for the said job or not!

For all the newbies, it would be best if they just learn through Demo Trading. They can learn everything about Forex Trading and that too without the loss of money.

Don’t expect to become profitable in the first few months. Frankly, you may not become consistently profitable even in the first few years. Don’t give up and don’t despair.

trade demo until you have 2-3 months profit then move to small live account

I agree, every person has to do what he CAN and what he WANTS to do. It’s like an ear for music, not everyone has it :slight_smile:

Remember that not every day is a trading day !! Timing & Selection is the key to be in the right side of the market !
Before you make a trade you need to have a good trading plan which have reliable forecast and great risk money management , you also have to consider correlations and Trade selection .

[B][U]" Trade What you see not what you think "[/U][/B]

Prepare to stand up every time you fail. DON’T Over think, over trade, over analyze or get yourself mentally prepared for psychological gang bang circus.

It is sure you will make mistakes and not win all your trades at first but it is always so at the beginning when you are still gaining basic experience.

Forex Trading is the best business online, but you need lots of practice to become successful in it. If you lack practice then you cannot make a good fortune through it.

The best advice IMO: do not quit your 9-5 work and start small on the higher TFs. Forex can be very rewarding but it also needs a lot of time to master.

Don’t be afraid to experiment with new strategies and ideas. That is what the demo account is for. Look for a trading style that best suits your needs and your personality and don’t give up until you find it.

Read some useful books of Trading, read news and get familiar about what is happening in the economy everyday, and also open a DEMO account. Do not do any crazy stuff like opening Live accounts even with small amounts as you will definitely lose all your money.

Don’t trust Forex advertisements blindly. You won’t start making money overnight. Getting to that point requires a long, often ardious learning process.

Forex is profitable and good business . most of people think it money making machine newbies not understand involved risk and hard work with this business. I will advise that they should not over expect from forex trading.

yes high expectations are not fair with forex trading . You can expect when you had a lot of skill in trading. Just new traders should wait for some profit if they are able to make. People are less interested to become a skilled person than they want to become rich in it.

Don’t be afraid to experiment with approaches and strategies and don’t stop until you find the one that is most suitable for you as a trader.